First Quarterly Report for FY2023, Virginia Innovation Partnership Authority (November 14, 2022)
Summary
A November 14, 2022 transmittal letter from Susan Aitcheson, CFO of the Center for Innovative Technology, to Michael Maul, Director of the Department of Planning and Budget, enclosing the first Quarterly Report for FY2023 for the Virginia Innovation Partnership Authority. The letter says the report fulfills Item 127.C.2 of the 2022 Special Session I, Virginia Acts of Assembly. The attached budget analysis covers the three months ended September 30, 2022, in thousands, and an investment schedule lists Virginia Venture Partners investment in companies of $2,714,949.91 and Commonwealth Commercialization Fund grants of $1,601,428.00.
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“First Quarterly Report for FY2023, Virginia Innovation Partnership Authority (November 14, 2022).”
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November 14, 2022
Mr. Michael Maul
Director
Department of Planning and Budget
1111 East Broad Street, Room 5040
Richmond, Virginia 23219
Dear Director Maul:
Enclosed please find the first Quarterly Report for FY2023 for the Virginia Innovation Partnership
Authority. The attached report fulfills the requirements of the Item 127.C.2 of the 2022 Special Session
I, Virginia Acts of Assembly.
If you have any questions, please call me at 703-689-3021.
Sincerely,
Susan Aitcheson
CFO
Center for Innovative Technology
cc: The Honorable Caren Merrick, Secretary of Commerce and Trade
The Honorable Janet D Howell, Chair, Senate Finance & Appropriations Committee
The Honorable Barry Knight, Chair, House Appropriations Committee
Ms. Anne Oman, Staff Director, House Appropriations Committee
Ms. April Kees, Staff Director, Senate Finance & Appropriations Committee
Ms. Toni Walker, Associate Director, Department of Planning and Budget
Ms. Samantha Martin, Budget and Policy Analyst, Department of Planning and Budget
Dr. Barbara Boyan, VIPC Board of Directors Chair
Mr. Rob Quartel, VIPC Board of Directors Finance Committee Chair
2214 Rock Hill Road
Suite 600
Herndon, VA 20170-4228
Tel.703.689.3000
www.vipc.org
Item 127.C.2.a
Fiscal Year 2023 Quarter 1
September 30, 2022
Financial Performance
Virginia Innovation Partnership Authority
BUDGET ANALYSIS
For the Three Months Ended September 30, 2022
(In Thousands) (In Thousands)
ACTUAL -Jul - Sep 2022 FORECASTED -Fiscal Year 2023
Actual Budget Variance Forecast Budget Variance
Revenue
$ 19,427 $ 10,585 $ 8,842 Commonwealth Appropriation - General Fund $ 42,341 $ 42,341 $ -
13 1 12 Interest & Misc. Income 3 3 -
19,440 10,586 8,854 Total Revenue 42,344 42,344 -
Expenses and Transfers
3 1 2 VIPA Administrative Expense 3 3 -
4,261 4,248 14 Transfer to VIPC - FY2023 Appropriation 16,991 16,991 -
15,166 6,338 8,829 Transfer to COEs - FY2023 Appropriation 25,350 25,350 -
19,430 10,587 8,845 Total Expenses & Transfers 42,344 42,344 -
Consolidated Revenue, Expenses and Changes in Net Position
19,440 10,586 8,854 Revenue 42,344 42,344 -
19,430 10,587 8,845 Expenses and Transfers 42,344 42,344 -
10 (1) 9 Change in Net Position - - -
2,529 2,593 (64) Beginning Net Position 2,529 2,593 (64)
$ 2,539 $ 2,592 $ (55) Ending Net Position $ 2,529 $ 2,593 $ (64)
Virginia Innovation Partnership Corporation
BUDGET ANALYSIS
For the Three Months Ended September 30, 2022
Commonwealth Projects Funded by Appropriation & Other Revenue
(In Thousands) (In Thousands)
ACTUAL -Jul - September 2022 FORECASTED - Fiscal Year 2023
Actual Budget Variance Forecast Budget Variance
Revenue
$ 4,261 $ 4,248 $ 14 Commonwealth Appropriation - General Fund $ 16,909 $ 16,991 $ (82)
808 38 771 Interest, Sponsorship, Return on Investments & Misc. Income 1,231 150 1,081
5,069 4,286 785 Total Revenue 18,140 17,141 999
Expenses
2,323 2,508 (185) Commercialization Division 16,957 16,972 (15)
3,967 4,417 (450) Investment Division 10,097 12,690 (2,593)
428 653 (225) Entrepreneurial Ecosystems Division 3,148 2,667 481
689 291 398 Strategic Initiatives 1,533 1,286 247
282 406 (124) Unmanned Systems 2,458 1,951 507
- - - Activities Funded by Building Sale Proceeds 3,596 3,596 -
344 431 (87) Policy, Communications and Commonwealth Engagement 2,026 1,951 75
- - - Petersburg Revitalization Fund 599 - 599
(599) (470) (129) (Over)/Underapplied Indirects (4,875) (3,078) (1,797)
7,434 8,236 (802) Total Expenses 35,539 38,035 (2,496)
(2,365) (3,950) 1,587 (17,399) (20,894) 3,495
Strategic Initiatives and Other Funding Provided by Contracts & Grants
Strategic Initiatives
1,081 - 1,081 Program Revenue - DHS Commercial First Innovation ™ 3,544 - 3,544
1,001 - 1,001 Program Expense 3,282 - 3,282
80 - 80 Profit/(Loss) 262 - 262
- - - Program Revenue - VDEM iFLOWS 415 500 (85)
115 258 (143) Program Expense 415 500 (85)
(115) (258) 143 Profit/(Loss) - - -
Investment Divison
- - - Program Revenue - SSBCI 6,527 - 6,527
- - - Program Expense 6,527 - 6,527
- - - - - -
Other
- - - Program Revenue - EDA Planning Grant 262 - 262
- - - Program Expense 262 - 262
- - - - - -
- - - Program Revenue - Petersburg Fund - - -
- - - Program Expense - - -
- - - - - -
1 39 (38) Program Revenue - SBA FAST 2022 121 53 68
1 39 (38) Program Expense 121 53 68
- - - Profit/(Loss) - - -
1,082 39 1,043 Program Revenue 10,869 553 10,316
1,117 297 820 Program Expenses 10,607 553 10,054
(35) (258) 223 Net 262 - 262
Consolidated Revenue, Expenses and Changes in Net Position
6,151 4,325 1,828 Revenue 29,009 17,694 11,315
8,551 8,533 18 Expenses 46,146 38,588 7,558
79 - 79 Expenses - Capital Leases (Interest & Depreciation) 316 - 316
(2,479) (4,208) 1,729 Change in Net Position (17,453) (20,894) 3,441
73,140 71,417 1,723 Beginning Net Position 73,140 71,417 1,723
$ 70,661 $ 67,209 $ 3,452 Ending Net Position $ 55,687 $ 50,523 $ 5,164
Virginia Innovation Partnership Corporation
Fiscal Year 2023 Q2 Forecast
Operating Funds Designated Funds
COV Other COV
Entrepreneurial Strategic Unmanned Petersburg
Discretionary Grants & Commercialization Investment Ecosystems Initiatives Systems Founders Building Sale
Operating Contracts Division Division Division Fund Fund Fund Proceeds Total
(In Thousands)
Beginning Balance at 7/1/2022 $ 1,169 $ 980 $ 33,013 $ 11,586 $ 4,327 $ 233 $ 1,154 $ ‐ $ 20,678 $ 73,140
Transfer $ (500) $ 500 $ ‐
REVENUE
General Fund Appropriation $ 3,809 $ 5,000 $ 3,100 $ 3,000 $ 1,000 $ 1,000 $ 16,909
Interest, Sponsorship, Return on Investment $ 366 $ 332 $ 480 $ 53 $ 1,231
Contracts & Grants $ 10,869 $ 10,869
Total Revenue $ 4,175 $ 10,869 $ 5,332 $ 3,580 $ 3,053 $ 1,000 $ 1,000 $ ‐ $ ‐ $ 29,009
EXPENSES AND TRANSFERS
Operating and Designated Programs $ 5,477 $ 13,954 $ 7,114 $ 2,562 $ 1,233 $ 2,015 $ 500 $ 3,000 $ 35,855
Contracts & Grants $ 10,607 $ 10,607
Transfers and Indirect Application to Designated Programs $ (400) $ 211 $ 92 $ 47 $ 17 $ 13 $ 20 $ ‐
Total Expenses $ 5,077 $ 10,818 $ 14,046 $ 7,161 $ 2,579 $ 1,233 $ 2,028 $ 500 $ 3,020 $ 46,462
Net Change $ (902) $ 51 $ (8,714) $ (3,581) $ 474 $ (233) $ (1,028) $ (500) $ (3,020) $ (17,453)
Forecasted Ending Balance at 6/30/2023 $ 267 $ 1,031 $ 24,299 $ 7,505 $ 4,801 $ ‐ $ 126 $ ‐ $ 17,658 $ 55,687
Designated Funds are amounts which are to be spent on a specific purpose stated in the Appropriation Act,
with the exception of the Petersburg Founders Fund, which is designated as part of Governor Youngkin's "Partnership for Petersburg" Initative
Item 127.C.2.b
Fiscal Year 2023 Quarter 1
September 30, 2022
Investments & Grants
Virginia Innovation Partnership Corporation
Investments & Grants Made and Return on Prior Investments
For the three months ended September 30, 2022
Actual Budget Variance
Investments made Virginia Venture Partners (VVP):
Investment in 17 companies $ 2,714,949.91 $ 2,700,000.00 $ 14,949.91
Return on Prior Investments, including gains and losses:
Returns from 4 companies $ 468,804.35 $ - $ 468,804.35
Grants Made:
Commonwealth Commercialization Fund (CCF) $ 1,601,428.00 $ 1,709,500.00 $ (108,072.00)
Grants to 43 companies
1st tranche payments to 32 companies
2nd tranche payments to 11 companies
Regional Innovation Fund (RIF) $ 100,000.00 $ - $ 100,000.00
1st tranche payment to 1 company
Item 127.C.2.c
Fiscal Year 2023 Quarter 1
September 30, 2022
Financial & Programmatic
Performance of Operating
Entities Owned by VIPC
No Operating Entities Owned
during FY23 Q1
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